The market is frozen. Bitcoin is trading just below $77,000 and is barely reacting to oil rising above $111 and the tensions around the Strait of Hormuz. While major altcoins are losing ground, the leading cryptocurrency appears more resilient. Investors are taking a wait-and-see approach ahead of the Fed’s decision.
Altcoins Decline, Bitcoin’s Share Grows
The movement is restrained. Over the past day, bitcoin has barely changed, and over the week it has remained in a narrow range. Meanwhile, the rest of the market looks weaker: Ether, XRP, Solana, and BNB are showing declines. Against this backdrop, bitcoin’s share is gradually increasing as capital returns to more stable assets.
Oil Rises, Risks Intensify
The main external factor is the energy market. Brent oil rose above $111 amid discussions of a possible extension of the blockade in the Strait of Hormuz area. This increases inflationary risks and complicates the prospects for central banks to ease policy. For markets, this means a longer period of uncertainty.
The Market Has Become Less Sensitive to News
Bitcoin’s reaction differs from previous periods. Even with increased external pressure, the price remains stable. This is explained by a reduction in supply from sellers and a more balanced market structure. In such conditions, movements become more restrained.
Levels Remain Key
The picture has not changed. Support is forming around $75,000, and the area near $80,000 remains a strong barrier. Several attempts to consolidate above have failed, so the market continues to move within the range.
The Fed Will Set the Direction
Today’s Fed decision could change the situation. Investors will be watching the regulator’s chair’s comments and assessing signals about future policy. Any change in rhetoric could affect expectations and set a new direction for movement.
Overall Backdrop Remains Tense
Instability in the stock markets is adding to the situation. Rising energy prices and doubts about the pace of technology development are increasing investor caution. In such an environment, activity decreases and the market becomes more sensitive to new data.
What’s Next?
The market is in a waiting phase. A return to $80,000 is possible if new demand emerges. Losing the $75,000 level could intensify the decline. For now, the balance is maintained, and further movement will depend on macro factors and regulators’ decisions.
Read more: Bitcoin ETFs Record Outflows After a Series of Inflows, Price Fails to Hold $77,000
